June 15, 2017 – Tampa, Florida – Global blockchain market is expected to reach USD 16.3 billion by 2024, according to a new research study published by Ameri Research. Escalating focus by organizations on immutability, transparency, and scalability is a major factor driving market growth over the forecast period.

Lack of awareness regarding the blockchain technology coupled with uncertain regulatory status is anticipated to hinder market growth significantly over the next few years. However, the industry is witnessing an imminent trend of venture capitalists and financial institutions investing heavily in blockchain which is also expected to catapult demand significantly over the forecast period.

Large enterprises accounted for more than 70% of the overall revenue in 2016 and is also anticipated to witness bullish growth over the next few years mainly on account of rising demand from these organizations to record high volumes of operational and financial transactions

Payment segment emerged as the dominant application segment in 2016 which is majorly attributed to the growing adoption of virtual transactions and online payments primarily in the developing countries including India, Brazil, Vietnam, and Singapore

BFSI held the majority market share in 2016 and is expected to witness robust growth over the forecast period which is accredited to the snowballing number of online transaction worldwide

Asia Pacific emerged as the fastest growing regional market in the global blockchain market closely followed by Latin America majorly owing to the increasing penetration of online transactions in the region